Greenspan foresees recession, makes endorsement

ChristopherHinton

NEW YORK (MarketWatch) -- Former Federal Reserve Chairman Alan Greenspan has endorsed Republican Sen. John McCain for president, according to Reuters, which cited an interview in El País published Sunday.

"I'm Republican and I support John McCain, who I know very well and who I respect a lot," Greenspan reportedly said of the Arizona senator, according to El País.

The Spanish newspaper also quoted Greenspan as saying that the U.S. economy has more than a 50% chance of going into recession, according to the news service.

"We would have to see signs of this intensification: There are some, but not many yet," he commented, according to El País and Reuters. "Therefore ... I would not describe the situation we are in as a recession, although the chances that we'll have one are more than 50%."

Greenspan also said that the current period "is going to be much more difficult, from the point of view of monetary policy, than the period during which I was chairman of the Federal Reserve."

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